Chainlink (LINK) is about to break out with a price target of 22 USD

Chainlink (LINK) is approaching a critical resistance level at 17.5 USD, and a breakout at this level could pave the way for a strong bullish move to 22 USD. This is not only driven by strong growth in the market but also by strategic initiatives from Chainlink, especially new policies in the United States, generating significant attention from investors and market participants.

LINK approaches the breakout zone

Currently, the price of LINK is trading at 16.35 USD, with a gain of over 6% in the day and more than 15% in the past week. This move has pushed the price of LINK close to the 17.5 USD mark, a level considered very important in determining the next price trend. Analysts and traders are closely monitoring this level, as a breakout above 17.5 USD could create strong bullish momentum, helping LINK move towards 22 USD.

Famous analyst Ali Martinez commented:

"Chainlink is trading in a channel and is moving towards the top. Breaking above the 17.5 USD level could trigger a breakout to 22 USD."

This statement reflects a strong belief in the potential of LINK, especially as the strength of the market continues to increase, with large trading volumes and a positive trend.

On-chain indicators are showing positive signals regarding the bullish momentum of LINK. In particular, the Accumulation/Distribution index has risen to 1.02B, indicating that traders are accumulating rather than panic selling as the price rises. This reflects the market's confidence in LINK's breakout potential.

Additionally, the Aroon indicator, an important technical analysis tool, also confirms the bullish trend. Aroon Up is currently at 85.71%, while Aroon Down stands at 0.00%, indicating that buyers are in control of the market with no recent signs of a bearish trend.

LINK Price Chart | Source: TradingViewIn addition to the important resistance level at 17.5 USD, analysts are also closely monitoring the support level at 16.8 USD. If LINK can hold above this level, it is very likely that the price will continue to maintain its bullish momentum. Moreover, a daily close with a strong bullish candle will further strengthen confidence in the breakout.

CRYPTOWZRD, a prominent market analyst, emphasized:

"Another healthy bullish candle will provide additional momentum and push the price of LINK higher."

This confirms that if LINK can break above the 17.5 USD level, the bullish momentum will be even faster, with the potential to reach 22 USD.

In addition to technical factors, attention to Chainlink is further heightened by recent strategic partnerships. One of these is the collaboration initiative with the Blockchain Association on July 15. Both parties announced a new project called "Tokenized in America," aimed at mapping blockchain policy nationwide using a custom scoring system. This project not only increases Chainlink's presence but also places it at the center of discussions about regulation and the development of blockchain in the U.S.

Lilly